Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 31,286,000, an increase of 15.5% compared to RMB 27,067,000 for the same period in 2022[7] - Gross profit for the six months ended June 30, 2023, was RMB 3,733,000, down 12.0% from RMB 4,245,000 in the same period last year[7] - The net loss for the six months ended June 30, 2023, was RMB 2,832,000, compared to a net loss of RMB 2,458,000 for the same period in 2022, representing an increase in loss of 15.2%[7] - The basic and diluted loss per share for the six months ended June 30, 2023, was RMB 1.53, compared to RMB 1.39 for the same period in 2022[7] - The company experienced a total comprehensive loss of RMB (2,832) thousand for the six months ended June 30, 2023, compared to a loss of RMB (2,458) thousand in the same period of 2022[13] - The company reported a pre-tax loss of RMB 2.720 million for the six months ended June 30, 2023, compared to a loss of RMB 2.458 million for the same period in 2022[36] - The company reported a loss attributable to owners of approximately RMB 2.7 million for the six months ended June 30, 2023, an increase of about RMB 0.2 million or 8.0% compared to RMB 2.5 million for the same period in 2022[57] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 127,983,000, a decrease from RMB 132,924,000 as of December 31, 2022[9] - Cash and cash equivalents as of June 30, 2023, were RMB 31,281,000, down from RMB 33,798,000 at the end of 2022[9] - The company’s total liabilities decreased to RMB 9,723,000 as of June 30, 2023, from RMB 13,236,000 at the end of 2022, reflecting a reduction in financial obligations[9] - As of June 30, 2023, the company's total equity attributable to owners was RMB 79,942 thousand, a decrease from RMB 81,717 thousand as of June 30, 2022[13] - The total trade receivables as of June 30, 2023, amounted to RMB 7.914 million, down from RMB 10.361 million as of December 31, 2022[39] - The net trade receivables after deducting credit loss provisions were RMB 2.271 million as of June 30, 2023, compared to RMB 4.718 million as of December 31, 2022[39] Revenue Breakdown - CNG sales for the six months ended June 30, 2023, were RMB 26,746 thousand, slightly down from RMB 27,067 thousand in the same period of 2022, indicating a decrease of about 1.2%[27] - LNG sales reached RMB 4,308 thousand for the six months ended June 30, 2023, compared to RMB 0 in the same period of 2022, marking a significant increase[27] - Revenue from wholesale CNG sales increased from approximately RMB 18.5 million for the six months ended June 30, 2022, to approximately RMB 18.7 million for the same period in 2023, representing a growth of approximately RMB 0.2 million or 1.1%[49] - Revenue from retail CNG sales decreased from approximately RMB 8.6 million for the six months ended June 30, 2022, to approximately RMB 8.0 million for the same period in 2023, a decline of approximately RMB 0.6 million or 7.0%[49] - The company generated approximately RMB 4.3 million in revenue from LNG sales during the period, compared to no revenue from LNG sales in the same period of 2022[49] Cash Flow and Financing - For the six months ended June 30, 2023, the company reported a net cash outflow from operating activities of RMB (1,625) thousand, compared to a net inflow of RMB 743 thousand in the same period of 2022[15] - The company reported a net cash outflow from financing activities of RMB (916) thousand for the six months ended June 30, 2023, compared to RMB (718) thousand in the same period of 2022[15] - The financing cost for the six months ended June 30, 2023, was RMB 82,000, down from RMB 192,000 for the same period in 2022[29] Operational Developments - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[6] - The company is actively exploring new technologies and product developments to improve operational efficiency and reduce costs[6] - The company plans to continue exploring new business opportunities to diversify its revenue sources, particularly in digital marketing and fast food sectors[59] - The company plans to complete the construction of a new CNG refueling station by the end of 2023, with several equipment quotes obtained and deposits settled[77] - The upgrade of the Jingzhou mother station's infrastructure to equip it with LNG refueling capabilities has been completed, allowing simultaneous sales of CNG and LNG[78] Employee and Governance - The group employed a total of 65 employees as of June 30, 2023, with employee costs amounting to approximately RMB 1.9 million for the six months ended June 30, 2023, compared to RMB 2.4 million for the same period in 2022[75] - The company has adopted the corporate governance code as per the GEM Listing Rules, with a deviation regarding the separation of the roles of Chairman and CEO[104] - The Audit and Risk Management Committee consists of three independent non-executive directors and has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2023[106] Shareholder Information - The board members and key executives hold approximately 49.43% of the company's issued shares[81] - As of June 30, 2023, Liu Yongcheng directly owns 100% of Yongsheng Industrial Co., Ltd., which holds 19,392,500 shares, approximately 10.94% of the issued shares[84] - Liu Yongqiang directly owns 100% of Hongsheng Industrial Co., Ltd., which holds 66,562,500 shares, approximately 37.55% of the issued shares[90] - Yongsheng and Hongsheng are both beneficial owners and concert parties, each holding 85,955,000 shares, representing 50.36% of the issued shares[85] - Anwei Development Limited, owned by Yu Jianwei, holds 13,872,500 shares, accounting for 7.83% of the issued shares[90] - Liu Guohua holds 9,492,500 shares, which is approximately 5.36% of the issued shares[85] Stock Options - The share option plan was approved by shareholders on April 20, 2018, allowing for the granting of options to purchase shares[89] - Liu Yongcheng and Liu Yongqiang were each granted options to purchase 1,375,000 and 280,900 shares respectively under the share option plan[87] - The total number of options granted under the plan amounts to 8,250,000 shares[91] - The fair value of stock options granted during the period is estimated at RMB 4,655,000, with no stock option expenses recognized during the period[96] - The company has a total of 25,816,009 unexercised stock options, representing approximately 14.56% of the issued shares as of the report date[97] Compliance and Risks - The company confirms compliance with the trading standards set forth in the GEM Listing Rules during the six-month period ending June 30, 2023[100] - The company has no significant foreign currency or interest rate risks, and no specific policies have been established to manage these risks[71][72] - There were no major investments, acquisitions, or disposals of subsidiaries or joint ventures during the reporting period[72] - The company has not authorized any other major investment or increase in capital assets as of the report date[73] - There were no significant events occurring after the reporting period[107]
TL NATURAL GAS(08536) - 2023 - 中期财报